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Many people don’t realise they can cash in pension funds before they reach the official UK retirement age. If you’re approaching what you believe to be the ‘right’ time to cash in a pension fund, you may be waiting longer than you need to – did you know that you can actually cash in a pension under 50? It’s more than possible with the help of the experts.
Find out for free how much money you could potentially receive if you want to cash in a pension.
The big question: can you cash in a pension early?
You may ask; “can I cash in my pension early in a legitimate way?”
The answer is yes, you can cashing in your pension if you wish.
However, depending on how much you want to cash in from your pension, and how early you’re planning on withdrawing your money, you could pay a tax bill. It’s the job of our resident pension specialists to make sure you don’t pay over the odds when you’re looking to cash in a pension plan. Taking all recent legislation into consideration, we will help you make the right decision for your financial future, which may or may not mean helping you cash in on your existing pension funds to release extra capital for you in the short term.
How could I spend my pension fund?
Cashing in a pension is an especially useful way of freeing up some money if you want to make a big purchase. You wouldn’t be alone in cashing out a pension to pay off your mortgage or other substantial debts – in fact, according to data from The Telegraph, this is the reason why up to 35% of retirees are drawing upon their pension early. Imagine never having to set aside any of your income for repayments again; it’s certainly an attractive prospect for those who are keen to own their home outright.
Perhaps you’re looking to invest in property? Maybe you just want to free up some cash to help your children or grandchildren settle down? There’s a chance you simply want to enjoy what you’ve worked so hard to earn and want to carry out some large-scale home improvements, or take that much-anticipated break abroad? Or – like an increasing amount of people – perhaps you’d like to spend a little money on your looks and gain extra confidence as you approach later life?
Whatever you choose to do, how you use your money really should be up to you.
Yes, it’s always advised that you leave enough in your pension pot to ensure you are comfortable in years to come. After all, the average life expectancy for a person in the United Kingdom is now 81 years – so you will need to ensure that you have enough money in your pension to provide you with a reliable income when you are no longer able to work. But when you cash in your pension, you could be opening yourself up to a whole host of new experiences (and perhaps even work on that bucket list of yours).
Make sure you’re aware of the pros and cons of cashing in your pension
Whenever you’re about to commit to a significant financial decision, it’s always a good idea to speak to an impartial expert. After all, we’re sure that you took a great deal of care when selecting your chosen scheme, so why should it be any different now that you’re thinking about cashing in your pension? Whether you want to cash out a pension under 50, or you just want to release a pension earlier than you anticipated, our pensions specialists will be able to advise you on the best ways to cash in various pension funds.
Our pensions experts have decades of combined experience in advising individuals from all walks of life, with access to varying pension funds. They are also familiar with all of the country’s leading pension providers, including Aegon, Aviva, Alliance Trust, AJ Bell, Hargreaves Lansdown, Nutmeg, Canada Life, Legal & General, Liverpool Victoria, Prudential, OldMutual and many, many more. The withdrawal age of each of these pension providers will vary, so it’s important to check with your chosen company.
While the thought of gaining early access to your pension may be exciting you, before proceeding you must consider whether this is the best option for you. There are a lot of questions you need to ask yourself, such as:
- Will you be able to manage with a reduced fund when you eventually retire? Remember, the money you cash out will not be waiting for you further down the line
- Is there another way you could gain access to a large chunk of money before you consider cashing out your pension?
- Have you considered the possible penalties for early pension withdrawals, and how these may affect your finances?
- Do you claim state benefits? Cashing in a pension could affect these.
- Have you taken tax implications into account?
Ultimately, you need to decide whether or not cashing in your pension early will fit into your long-term plans. You’ll need to think years, if not decades, ahead to make sure you and your family are financially secure when the time comes to enter retirement and you begin to rely on your pension fund. It can be tempting to throw caution to the wind and cash in a pension on a whim, but this may not ensure you are able to live comfortably and independently later on.
At what age are people cashing in their pensions?
Some years ago, it was normal to wait until retirement age to cash in a pension. For a number of years now, the average retirement age has typically been 60 for women, and 65 for men.
Those in work didn’t have the option to draw upon their pension funds during middle age, but in April 2015, the government changed the regulations and introduced the so-called pension freedom rules, which now allow people to cash in their pension much earlier.
In the first quarter after these changes came into place, from April to September 2015, it was recorded by the FCA that 178,990 pensions were cashed in early. Clearly, then, these legislative changes had been a long time coming for much of our older population. In fact, another independent analysis suggested that this figure was likely to be more than 200,000. And more than two thirds of the individuals who chose to take this approach cashed out their ENTIRE pension, all in one go. Many of these cashed-out pensions were what we call ‘small pots’ – ie, pensions that are worth £30,000 or less – so it is assumed that most of these people will rely on other pensions or investments when they do eventually come to retire. Only a very small percentage of the pensions that were wholly cashed in were worth over £250,000.
So if you are thinking of cashing in your pension fund early, you’re certainly not alone. A huge number of people across the UK are choosing to change their lifestyle by freeing up the cash that is rightfully theirs. It’s by no means a straightforward decision – but with some of the country’s leading pensions experts behind you, there’s no reason why you too can’t cash in your pension and start enjoying your money.
Be careful! Always deal with someone you can trust like Sell Pension
You may seek pension advice with the best intentions, but unfortunately, there are scammers out there who are trying to defraud people who are genuinely interested in cashing in a pension in the right way. This article by Money Saving Expert highlights the differences between genuine, legally-compliant pension cash-ins and illegal pension liberation scams – it’s well worth a read before you consider cashing in a pension with the help of any third party. It’s quite possibly one of the biggest decisions you’ll ever make regarding your financial security, so take some extra time to read up on what you should expect from any pensions service before proceeding.
You’ll be pleased to know that Sellpension.co.uk only works with reputable, highly trustworthy pensions experts who will always do things by the book.
Over the years we have built up trust and confidence with our large client base, and as a result we have been asked to join the independent customer review service called Feefo. We pride ourselves on delivering a transparent and honest pension cash in service to those who are exploring all their financial options and need help arranging their next steps. You’ll find our personnel to be friendly, approachable and 100% dedicated to ensuring you receive all the information you need before you decide to cash in a pension early.
Real customers and real feedback
It’s important to have trust when it comes to cashing in or obtaining cash from your pension. You could cash in £1000’s, but first, you need to make sure you feel comfortable in who you deal with. Please feel free to take a look at our reviews to read real-life stories from customers who have chosen to cash in their pension early with our assistance. The feedback we receive is 100% genuine and is a real testament to the quality of our service.
Don’t cash in your pension alone
When you think to yourself; “should I cash in my pension early?” you need to remember that this is not a decision you can afford to make without seriously considering the consequences. Regardless of how much research you do on the subject, there is no substitute for the one-to-one advice offered by pension industry experts. Of course, there are plenty of websites and other resources out there that claim to offer you the ultimate solution – and many of these can certainly guide you in the right direction – but unless you can talk through the options with a trusted source, how can you be sure you should cash in your pension at all? There are times when a quick search can yield the best results, but there are also times when there is no substitute for a personal conversation with someone who understands the legal implications of making such a significant financial decision.
There are plenty of so-called pensions experts out there who may not have your best interests in mind. They will generally contact you via email, phone or door-to-door cold calling in the hope that the person they are getting in touch with may be interested in cashing in their pension fund. If you have not invited contact from a pensions company, or you have any doubts whatsoever about the correspondence you’re having with a third party, we would highly recommend getting in touch with the authorities for peace of mind. You can also request a second opinion from a different pensions specialist if you wish.
Cashing in a pension plan on your terms
Because of changes to pensions legislation in recent years, those over a certain age can now unlock part of their retirement fund before they finish working. Many can even cash in their pension under 50 years old. At Sellpension.co.uk, we do all we can to ensure you get useful, impartial advice before you make a final decision. We only work with professionals who have a good track record of taking a client’s individual circumstances into account – after all, everybody is different and there shouldn’t be a one-size-fits-all approach to cashing in your pension. This is especially true if you are an individual with existing debts, an unusual income structure, or a wider portfolio of investments.
Aside from the fact that we offer a highly personalised service, what our customers really love about Sellpension.co.uk is that they can receive all the information they need on how to cash in their pension without paying a penny! Our professional, confidential service is totally free and can help you make some truly life-altering decisions with confidence and assertion.
Am I eligible to cash in my pension plan?
Sellpension.co.uk can offer its unique ‘cash in pension‘ service to most individuals in the UK. We can usually offer support to people of any age who might be assessing different ways to access their pension fund.
Whether you’re eligible for our help will ultimately depend on the type of pension you have, but you shouldn’t blindly assume that you’re not able to cash your pension in early. We appreciate that it can sometimes be difficult to keep track of all your pension funds – but all you need to do is contact Sellpension.co.uk, and we’ll do the hard work. We’ll take a look at which pension funds you own, and we’ll let you know whether or not you can cash in your private or stakeholder pension. As mentioned earlier, we’re very familiar with the schemes on offer from all of the UK’s major pension providers, so can make light work of this research for you.
If you’re unsure of when to cash in your pension, and you want timely advice from a service you know you can trust, contact Sellpension.co.uk now.
Things to know in order to cash in my pension in the UK
The change in rules of some pension schemes that became effective on April 6, 2015, in the UK,
This brought about the system of pension freedoms. Pension freedoms is a system which gives pensioners new options on how to access their money or how to cash in your pension, and also when they are able to. The new age limit of 55 has been set as the minimum for accessing your pension and a pensioner has also been given the freedom to choose how to withdraw the money. This rule allows a pensioner to choose to withdraw 100% of his money at once or in smaller amounts.
Can I cash in my pension early or under 55
It is necessary for every pensioner to examine the different options available to him in accessing his pension. Each pensioner can choose if they want to cash in their pension or not at anytime..This would help guide you in choosing the best plan, as decisions taken on pension will affect retirement income for the rest of your life. Making wrong investment decisions could leave a pensioner penniless after retirement. On the other hand, choosing carefully how to access your pension could set you up well in your old age.
There are a number of things to know, which would guide you as a pensioner in making the best decisions when you cash in pension.
- Age Limit: One of the foremost things to consider is that 55 is the age limit for legitimately accessing your pension. This age limit is strictly held and breaking the rule may have a drastic effect. Pension unlocking has come about as a scam which some firms use to convince savers below 55 years, that they can access their cash earlier. This would only put such pensioner at the risk of losing all his money because the firm that organizes the unlocking transfers your pension into risky investments. The firm also collects up to 30% of the total pension as a commission for the service. HRMC sees this action as unauthorized payments, and this attracts 55% tax. This leaves the saver with just 15% of his pension after all. However, there are exceptions to this age rules; one being ill health and the other; having a protected retirement plan.
- Tax: There are different rates of taxes levied on different types of withdrawals by pensioners. Every pensioner has the first 25% withdrawn from his pension pot at a time, as tax-free while the remaining 75% is regarded by HRMC as taxable income. A pensioner who decides to clear out his pension pot at once would have to pay tax on 75% of his total pension. However, a pensioner who takes out smaller amounts would have the first 25% of the money as tax-free on each occasion, while the remaining 75% would attract income tax. Also, an individual who buys an annuity will pay tax only on the income.
- Pension Scheme: The kind of pension scheme, you operate the whole working also has an effect on the amount of pension available to you when you retire. A defined contribution pension scheme builds up an individual’s pension pot with contributions from the individual, employer’s contribution( in a stated case), investment and tax relief. This scheme does not have a fixed income as it is subjected to fund’s investment performance, and the choices a pensioner makes at retirement. A defined contribution pension pot can be accessed from 55 as the saver wishes.
The defined benefit pension scheme, also called final salary; on the other hand, is a fixed rate pension scheme, which your employer contributes to your pension pot based on how many years you have worked for your employer and the amount you have earned as salary. Defined benefit pensions usually pay out an amount for life, which increases every year. The defined benefit pensions are normally accessible at 65, which is the retirement age when your employer stops funding your pot. You can, however, take it by 55; this by transferring to a suitable scheme, but this may reduce the amount and guarantees you get.
Can I cash in my pension
Having examined these important subjects, it is left to see the different ways, you as a saver can cash in your pension when you turn 55. There are a number of options which are regulated by pension providers. These different options are available to cater for pensioners depending on their immediate and future needs.
- Taking Your Whole Pot As Cash: This involves taking all your pension savings at once and closing your pension pot. This attracts a high tax bill as 75% of the total amount is taxed. This is a very risky pension decision and is usually used to fund high-level investments.
- Buying An Annuity: Buying an annuity allows a pensioner withdraw the 25% tax-free savings from his retirement pot, then the remaining sum is then converted to taxable income for life. Annuity options vary and a pensioner can choose one that best suits his interest.
- Flexi-access Drawdown: This also involves, taking the 25% tax-free savings. The remaining sum is then reinvested into funds that will be designed to provide you with a regular taxable income. There is not so much security for flexible-access drawdown, as your level of income depends on the performance of your investments.
- Withdrawing Small Sums From Your Pot: This does not involve any investment or annuity. You withdraw cash as at when needed and leave the rest to grow tax-free in your pension pot. For every withdrawal, the first 25% is tax-free, while the remaining 75% is levied an income tax.
Cash in my pension: You may decide to mix your options when accessing your pension. Combining an annuity with withdrawing small funds from your pot would provide better income security. This can be achieved by saving continuously into your pension. You may wonder ” What factors do I consider in choosing the option to cash in my pension?”. As a pensioner, you need to consider a number of factors which are your health, financial dependants, the size of your pension pots, income objectives e.t.c.
In conclusion, your income security after retirement starts from making the right decisions when you are still active. Using a good pension scheme is needed and it is advisable to seek financial advice in taking investment decisions.
Can I still cash in my pension? Yes by contacting us
Contact us via our website and we will put you in touch with a pension review expert or IFA to help you cash in your pension earlyClick Here To Get Started!